IRS Tax Updates January 23

Individual Filing Season Opens For individuals, the IRS will begin accepting tax returns on January 27, 2020. The deadline to file 2019 tax returns and pay any tax owed is Wednesday, April 15, 2020, unless an extension is filed (estimated tax payments will still be due). The IRS says this will help ensure the security […]

Tax Season is Here!

Our early advance program through Republic Bank means that you can have access to some of your tax credits today. If you want to find out how much you qualify for, stop by our office, open 9-5 until the 20th, then 9:00 Am to 8:00 PM.

IRS Updates 13 December

National Tax Security Awareness Week The IRS and Security Summit partners marked National Tax Security Awareness Week earlier this month with a series of tips and reminders for consumers, taxpayers, businesses, and professionals. Advice focused on protecting your personal and financial information while online shopping, guarding against email and phishing scams, creating strong passwords, tips […]

Recent IRS Gift Card Scams

The IRS has warned about a recent gift card scams, one of the many scams that people need to be aware of. IRS GIft Card Scams These scams follow many of the traits of a typical phone scam: someone calls you from a source that you wouldn’t question. They tell you that something bad has […]

IRS Tax Updates December 2

IRS Updates Deductible Guidelines The IRS has issued guidance on some of the changes brought about by the Tax Cuts and Jobs Act (TCJA) regarding certain deductible expenses. The rules for using the optional standard mileage rates in deducting costs of operating an automobile for business, charitable, medical or moving expense purposes have been updated. […]

$50 Refund for South Carolina Income Tax Filers

The South Carolina legislature has allocated approximately $60 Million USD in refunds from the taxes the recent Mega Millions Lottery winner paid in South Carolina. Qualified taxpayers can receive a $50 tax refund in the mail. South Carolina taxpayers who have filed their 2018 taxes by October 15, 2019 and who have qualified for over […]

Tax Updates November 13

Nov 13 Tax Updates 401(k) Limits Increased for 2020 Many contribution limits to retirement savings programs have increased for next year. Limits for participants in 401(k), 403(b), most 457 plans, and the Thrift Savings Plan are increased from $19,000 to $19,500. The catch up contribution limit for these plans is increased from $6000 to $6500. […]

Tax Updates September 18

Third Quarter Tax Payments Due The IRS reminds taxpayers that those owing estimated quarterly tax payments must pay their third quarter installment by September 16 . This generally applies to small business owners and the self-employed, including those participating in the sharing economy as well as others whose earnings aren’t subject to withholding, such as […]

Paycheck Checkup for September

Tax Planning – Paycheck Checkup With the change of seasons and start of the traditional school year, it’s a good time to review your tax planning, and a Paycheck Checkup is an important part of that. What is a Paycheck Checkup? A Paycheck Checkup is a review of your tax withholding. Making sure the proper […]

Tax Updates September 1

IRS Waives Penalty Automatically More than 400,000 eligible taxpayers who were subject to a penalty for underestimated tax payments for the 2018 tax year will automatically receive the waiver, the IRS has announced . No action is required for eligible taxpayers to receive this waiver. Additionally, taxpayers who already paid the penalty will receive refunds. […]